Investing.com -- India is holding discussions with Chile and Peru to secure critical minerals as part of ongoing free trade agreement negotiations, according to a Reuters report on Tuesday.
The South Asian nation, which depends heavily on imports to meet its demand, plans to include a specific chapter on copper in these trade talks. This would aim to secure a fixed quantity of copper concentrate from the two South American countries, the report stated.
India currently imports more than 90% of its copper concentrate requirements. This dependency is reportedly projected to increase to 97% by 2047.
The report also indicated that India is working with trading partners to reduce its reliance on China for critical minerals.
China, which manufactures approximately 90% of the world’s rare earth magnets, imposed export restrictions on these products in April as part of its response to U.S. tariffs.
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